Bailout rejection spurs flight to safety
HONG KONG (Reuters) - Recession fears mounted and investors raced for safe havens after U.S. lawmakers unexpectedly rejected a $700 billion bailout plan for the financial industry, but Asian stocks trimmed deep early losses after Wall Street's biggest fall since the crash of 1987.
Dow sets record point drop as House rejects bailout
NEW YORK (Reuters) - The Dow industrials plunged on Monday in their biggest decline ever after U.S. lawmakers unexpectedly rejected a $700 billion financial bailout, spooking investors who fear for the future of global markets and the U.S. economy.
Citi buys Wachovia banking in flurry of deals
NEW YORK (Reuters) - Citigroup Inc set a deal to buy regional powerhouse Wachovia Corp's banking operations, one of several U.S. tie-ups triggered by the deepening financial crisis on Monday.
Bailout snag seen extending Wall Street's pain
NEW YORK (Reuters) - There could be more pain ahead for Wall Street on Tuesday as the odds of quick passage of the $700 billion bill to bail out the financial sector looked slim after lawmakers rejected the first version on Monday.
Crisis of confidence hits regional bank shares
NEW YORK (Reuters) - Shares of regional banks sank on Monday, with Sovereign Bancorp and National City Corp down 60 percent, as investors feared the sector would be steamrolled by the deepening global credit crisis.
Fund slump forces Legg's Miller to seek safer bets
BOSTON (Reuters) - Facing his worst-ever slide due to catastrophic bets on financials, Legg Mason Inc fund manager Bill Miller is toning down his characteristic bold investment style in an attempt to recapture his past glory.
Fed's Hoenig: keeping dollar value key despite crisis
GERING, Nebraska (Reuters) - The Kansas City Federal Reserve Bank president said the Fed must stay focused longer term on holding down inflation to protect the dollar's value even though financial market turmoil is creating a sense that the "sky is falling."
Oil falls below $96 on financial turmoil
PERTH (Reuters) - Oil extended losses below $96 a barrel on Tuesday, after slumping almost 10 percent in the previous session, as fear gripped financial markets in the wake of U.S. lawmakers' shock rejection of a $700 billion rescue plan.
Europe forced into bank rescues as crisis spreads
BRUSSELS/AMSTERDAM (Reuters) - European governments scrambled to shore up banks on Monday, carving up firms and committing billions of euros as the credit crisis tore through Germany, Britain, Belgium and beyond.
Money market freeze stirs rate cut speculation
TOKYO (Reuters) - Central banks and regulators scrambled on Tuesday to relieve the strain on financial markets frazzled by another hefty blow to confidence, this time from the rejection by U.S. lawmakers of a $700 billion rescue plan.
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